Stableton Financial AG

We’re hiring! 2024 transformed us into a global force—now, we're scaling to new heights. This year, we didn’t just grow—we set new benchmarks in private market investing: • 𝗚𝗹𝗼𝗯𝗮𝗹 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻: Established key partnerships across Singapore, Hong Kong, the GCC, and Europe. • 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: Launched the Luxembourg fund structure for our systematic Top 20 Unicorn Strategy, ensuring unparalleled access for international investors. • 𝗠𝗮𝗿𝗸𝗲𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽: Completed over 100 transactions and ended the year at an all-time high in flagship portfolio performance. As we enter 2025, our mission is clear: To lead the private markets globally while delivering institutional-grade access for our investors. To achieve this, we’re expanding our team. 𝗧𝗵𝗲 𝗛𝗲𝗮𝗱 𝗼𝗳 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗪𝗲𝗮𝗹𝘁𝗵 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽𝘀 𝗮𝗻𝗱 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗿𝗼𝗹𝗲 𝗶𝘀 𝗰𝗲𝗻𝘁𝗿𝗮𝗹 𝘁𝗼 𝗼𝘂𝗿 𝗻𝗲𝘅𝘁 𝗰𝗵𝗮𝗽𝘁𝗲𝗿. This isn’t just about sales—it’s about: • 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻: Build on our leadership in Switzerland while opening doors in Europe, the GCC, Singapore, and Hong Kong. • 𝗦𝗵𝗮𝗽𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲: Work with institutional investors to offer innovative semi-liquid private market solutions. • 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝗦𝗰𝗮𝗹𝗲: Start as a key contributor and grow into a leadership role, assembling a world-class team. This is your chance to redefine private market investing with a firm poised for global growth. 👉 𝗧𝗮𝗸𝗲 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝘀𝘁𝗲𝗽 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗰𝗮𝗿𝗲𝗲𝗿: 𝗵𝘁𝘁𝗽𝘀://𝗮𝗽𝗽𝗹𝘆.𝘄𝗼𝗿𝗸𝗮𝗯𝗹𝗲.𝗰𝗼𝗺/𝘀𝘁𝗮𝗯𝗹𝗲𝘁𝗼𝗻/𝗷/𝟵𝟰𝗖𝗔𝟯𝗕𝗗𝟬𝗘𝟮/

While everyone was looking elsewhere, private markets have been quietly transforming. Here’s what you missed: 1️⃣ Evergreen is the new black Year after year, private equity has always been about patience. Decades of waiting, locked-in funds, and the hope for a stellar exit. But the game is changing. Private equity is no longer completely illiquid. That’s where semi-liquid, or evergreen, funds come in. Evergreen funds: → help you access your money every few months → but with the classic PE-level returns It’s the best of both worlds. Yet, that’s not the only shift worth noting: 2️⃣ Next-generation portfolio valuations If you haven’t reconsidered your portfolio valuations when managing semi-liquid funds, you might want to. Letting investors in or out at stale or outdated valuations will sooner than later get you deeply into trouble! Here’s what new developments we bring to the table: → Mark-to-market pricing A solid valuation framework. If you want to offer liquidity for your investors, then you need to match subscriptions and redemptions to the prices you can buy or sell your portfolio holdings. Stableton portfolios are priced using externally aggregated and validated high-quality secondary market price data for each holding. → Timely and frequent valuations Okay, we may be crazy… But we let our fund admin price each portfolio holdings mark-to-market weekly. Data, technology, institutional processes, and top-notch counterparties are key. This will not work with the dinosaur admins of the world, who unfortunately still exist way too many. So, private equity is changing as we speak. And sticking to the old playbook is a surefire way to drop back. But with: evergreen funds unlocking liquidity and quasi-real-time mark-to-market portfolio valuations ...winning is just a matter of time. This is your chance to be the one who saw it coming.

2 key steps to unlock pre-IPO investments: (Having $10M+ isn’t one of them.) You don’t need to read further if you invested in 20 VC funds some 5-10 years ago and were lucky to produce one or two decacorns (companies with 10bn+ valuations). ___________ 1. Finding a seller and shares at a fair price Buying into a private company isn’t just a matter of supply and demand. Investors have to find someone who already owns shares and is looking to sell. The buyer and seller then make a “secondary transaction.” Finding the seller (without being ripped off on the price) is difficult enough, as this typically requires a strong network of 100s of possible counterparties. Executing the transaction with all due diligence, paperwork, and legal documents and running it by the company for approval is typically beyond what non-specialists can do. ___________ 2. Finding a solid structure and not getting blocked Unfortunately, a lot of people in this space offer bad deals or just rip you off. Are you thinking of going directly to brokers or platforms you know? It will not help you to do the real work and vet the sellers, structures and legal documents. Neither will you have someone who ensures the best execution. This is where I strongly recommend having someone on your side to help with execution (e.g., Stableton). This is why it’s crucial to understand the terms and structure of the deal —or have someone with you who does. Plus, companies need to approve direct share transfers. And many of them restrict transfers. That is why the buyer's reputation must be solid, and the companies tend only to let institutional players enter their cap tables. Alternatively, some financial products these days give pre-IPO exposure in other ways. For example: We’ve built a passive portfolio with exposure to all the Top 20 pre-IPO tech companies. ➤ Zero performance fees.  ➤ Quarterly withdrawals. The selection logic is similar to a Nasdaq 100 ETF but for private markets. I expect to see competitors catch up and offerings like this multiply in the coming years. The growth in this sector is HUGE, and investors aren’t content to let it slip by anymore.

Private markets aren’t an old boys’ club anymore. Here’s why the doors are swinging open for every investment class👇 In the last several years, major VCs and private equity firms have gobbled up other managers. Their goal: To concentrate more and more wealth in their one-stop shops. The problem is that what they’ve been offering for the past decade has not worked for 60-70% of the world’s wealth. Family offices, wealth managers, banks, and individual investors were all left out. These groups want transparent, low-cost solutions that provide direct access to private markets. The good news is that those solutions are here and growing. Products like our own Top 20 Unicorn portfolio give investors of all types immediate access to private markets. And it is built to do so with above-average liquidity and no performance fees. The key is the “VC direct secondary” transaction: Where existing investors sell specific company shares to other investors (and not to confuse the more mainstream way of fund secondaries where investors sell parts or entire portfolios via LP fund share transfers). Secondaries are complex but powerful. With the help of new technology, data, and institutional solid processes, we use them to create a portfolio that functions essentially the same as an ETF: We have built and scaled exposure to the world’s best, most established, and most valuable private tech companies with solid growth prospects. But unlike an active strategy, we do not try to foresee the future better than anyone else by utilizing some “magic superpower.” It is a much easier concept. It is an entire private market disruption based on the “superpower” of VC direct secondaries. It is a passive strategy that provides investors with easy access and exposure to all the Top 20 unicorns in one portfolio at low cost and improved liquidity. Of course, disrupting an entire trillion-dollar industry is slow work. We estimate we’re still about 2-3 years away from a major tipping point. That feels like a long time now — but in investing terms, it’s still right around the corner. Do you agree? Let us know in the comments👇 PS: Don’t forget to sign up for Stableton’s Navigator newsletter: https://lnkd.in/ezPbVQae

Pre-IPO returns > post-IPO returns. Here’s why and how to take advantage of it👇 Companies stay private for longer. That means more of their value creation is captured by private market investors. Revenue growth (coupled with a favorable business model) is the single most important driver of stock market returns. Private companies grow faster, stay private longer, and have huge market opportunities they can tackle. That’s why I say pre-IPO is better (on average). Until recently, there was no way for most investors to access pre-IPO companies. They had to wait until the company went public. To make matters worse, IPOs usually happen when a company's growth slows or when public market valuations are high, making the IPO attractive to existing private market investors. Existing investors decide the asset isn’t attractive enough to generate private market returns, asking the company to go public. That means public market investors are paying relatively more money for a slower-growing asset, most often both on an absolute basis and especially growth-adjusted. Our vision with Stableton is to give all investors a chance to benefit from the fantastic returns of pre-IPO assets. No more waiting for a company to go public before getting exposure. Anyone who wants access to the Top 20 pre-IPO tech companies can get it through our portfolio. ➤ No performance fee ➤ No 10-year illiquidity It’s a passive, semi-liquid fund from which investors can withdraw every quarter. Whenever there’s an IPO, we invest those proceeds automatically in the newest Top 20 member. Don’t get us wrong: It’s a myth that the post-IPO returns of these successful tech companies are weak. These are still great companies that will grow. But missing the pre-IPO window means losing out on a huge return. Good thing you never have to miss out again ;) If you’d like to find out more about this opportunity, check out our newsletter, the Stableton Navigator: https://lnkd.in/eBE5GxAK Chart footnote: Pre-IPO view includes IRR of former constituents of the Morningstar® PitchBook® Unicorn Select 20 Index™ from the time entering the index until the public listing. Post-IPO view includes IRR from public listing until July 2023.

We’re delighted to announce our partnership with Vennre, a digital wealth management platform that offers qualified investors streamlined access to late-stage unicorns, as well as opportunities in real estate, private equity, and private credit. Vennre empowers High-Earners-Not-Rich-Yet (HENRYs) to explore private market investments with confidence and ease. By lowering minimum investment thresholds and partnering with seasoned asset managers, they address key challenges in private markets, such as fragmented access and high minimums. This collaboration is a significant step in our mission to deliver broader access to the Top 20 most valuable private tech companies. By joining forces with Vennre, we leverage their streamlined technology platform and rigorous investment screening process to offer MENA investors enhanced exposure to pre-IPO opportunities. With over $270 million in assets under management and a proven track record of more than 100 successful transactions, we’ve established ourselves as the go-to partner for pre-IPO investing. This partnership enables us to extend our expertise to an even wider audience. We extend our gratitude to the Vennre team for their trust and collaboration. Together, we aim to provide exceptional investment opportunities to investors in the MENA region. To learn more about Vennre and their innovative approach to private market investing, visit: www.vennre.com

Let’s talk about what bringing the wealth channel to private markets really means: Starting with family offices. There isn’t a great way to summarize what a “family office” is. There are many possibilities: 1. Single-family office representing one asset holder 2. Multi-family office with a massive team 3. Multi-family office with a tiny team A report from 2023 found 120 of these ultra-high-net-worth portfolios had 20% allocated to private equity. That’s a big improvement over other segments, which allocate roughly 0%. The reason: Family offices have the liquidity and long-term horizons to benefit from private equity. The rest of the wealth channel typically doesn’t. That means trillions of dollars that could fund the world’s most innovative companies but aren’t. We think that’s a shame. And frankly, even family offices aren’t getting out of private markets what they should. Many still avoid private market funds because of the illiquidity and performance fees. What ALL wealth channel investors want is this: ➤ Decent liquidity ➤ Easy access ➤ Low fees And do you know what? We’re finally seeing products that provide exactly this. Apollo has even built a dedicated family office coverage team in 2023. And Stableton is creating entirely new products to provide private market exposure. We have built a portfolio that gives instant access to all Top 20 pre-IPO tech companies. No performance fees. No 10-year lockup. Investors can withdraw money from the fund every quarter (after only 1 year lock-up). This is the start of a global movement, and it will only grow from here. What’s your 5-year forecast for private market investing? Let us know in the comments👇

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸, 𝘄𝗲 𝘀𝘂𝗿𝗽𝗮𝘀𝘀𝗲𝗱 𝟭𝟬𝟬 𝘀𝗲𝗰𝗼𝗻𝗱𝗮𝗿𝘆 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴! Since 2018, we’ve been on a mission to reshape private market investing. From our very first transaction, each deal laid the groundwork for what would become a rapid ascent. In just a year later, our transaction volume had already grown six-fold. Fast forward to 2024, we’ve reached a historic milestone—100 transactions! In fact, this year alone outpaced the last five years combined. 𝗪𝗵𝗮𝘁’𝘀 𝗱𝗿𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺? It’s not just about speed—it’s about perfection. By leveraging cutting-edge technology, a systematic investment approach, data-driven insights and strong, repeatable, scalable processes, we’ve streamlined everything relating to deal sourcing, execution, portfolio management and valuation of our top-tier pre-IPO secondary opportunities. This isn’t a milestone for us alone—it’s proof of what’s possible when you pair innovation with expertise. To see how you can gain access to the same edge, visit: www.stableton.com

These 5 points about the Top 20 unicorns we cover lead to a 25% investor conversion rate👇 When we talk to investors about the Top 20 unicorns, we raise these 5 points. 𝟭. 𝗧𝗵𝗲𝘀𝗲 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗴𝗿𝗼𝘄 𝗺𝘂𝗰𝗵 𝗳𝗮𝘀𝘁𝗲𝗿 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝗱 𝘁𝗼 𝗽𝘂𝗯𝗹𝗶𝗰 𝗼𝗻𝗲𝘀 Almost all of the Top 20 unicorns grow fast. Some AI companies even grow revenues by a few hundred percent a year. These private companies also offer the real pure play exposure that hardly exists in the stock market. Investors wanting faster growth and pure play potential must look at private companies. 𝟮. 𝗠𝗼𝗿𝗲 𝘃𝗮𝗹𝘂𝗲 𝗶𝘀 𝗰𝗿𝗲𝗮𝘁𝗲𝗱 𝘄𝗵𝗶𝗹𝗲 𝘁𝗵𝗲𝘀𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗮𝗿𝗲 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 There is plenty of funding available for great private companies. Many elect to stay private for extended periods, making them out of reach for most public market investors. So, the next step would be to look one level below the publicly traded companies. The later-stage VC-funded companies. Also known as growth equity or pre-IPO companies. 𝟯. 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝘀𝗵𝗮𝗿𝗲𝘀 𝗰𝗼𝗺𝗲 𝗮𝘁 𝗮 𝗱𝗶𝘀𝗰𝗼𝘂𝗻𝘁 When entering these companies via secondary transactions, you can buy shares often at discounts. Sellers need to offer discounts because private shares are less liquid, and sellers need to offer buyers incentives. Common and early preferred shares are also cheaper because they don’t offer the same liquidation preferences etc. That’s fine, because   𝟰. 𝗣𝗿𝗲-𝗜𝗣𝗢 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗮𝗿𝗲 𝘄𝗲𝗹𝗹-𝗳𝘂𝗻𝗱𝗲𝗱 𝗮𝗻𝗱 𝗼𝗿 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗹𝗲 That means the risk of capital increase below the last funding rounds (down rounds) is less likely. Also when they go public, all share classes collapse to one anyway with the same rights for all shareholders. These companies are well-funded or profitable, so they have complete flexibility in timing and pricing their future capital raises or share tenders. Some companies have increased their fundamentals (and subsequently valuations) like clockwork. 𝟱. 𝗚𝗿𝗲𝗮𝘁 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗴𝗼𝗶𝗻𝗴 𝗽𝘂𝗯𝗹𝗶𝗰 = 𝗜𝗣𝗢 𝗽𝗿𝗲𝗺𝗶𝘂𝗺 𝘄𝗲 𝗰𝗮𝗻 𝗵𝗮𝗿𝘃𝗲𝘀𝘁 Public market investors are starving for pure-play exposure to the leading technologies and faster growth. Also, IPOs happen at beneficial times when valuations are typically higher. Therefore, they are ready to pay IPO premiums for these companies as they go public. Illustratively, our “engine” works like that: ➤  Buy at 80% (via secondaries) ➤  Hold while they grow their revenues double or triple digits  ➤  Sell at 120% (after they go public and public market investors pay premiums) A backtest by Morningstar Indexes, adjusted for our product’s TER, would have returned 19% p.a. Over the past 10 years. Let us know what’s holding you back in the comments👇 And don’t forget to check out our newsletter: https://lnkd.in/ec7RS2aS

If you’d bought $1,000 of Berkshire stock in 1965 (when Warren Buffett took over), today you’d have more than $42.5 million. Wow! But what if Buffett had charged the typical private market 2/20 fees? In that case, you’d have under $5 million. This is compound interest working against you: Those fees multiply over a long time, costing you about 90% of your potential gains. We see this all the time in private markets. Most private market managers charge a 2% management fee p.a. and a 20% performance fee, meaning investors can only receive 80% of the upside at most. That’s why many investors just give up on private investing and stay in public markets. They decide it’s not worth the hassle and low liquidity. However: Let’s imagine they could keep 100% of the upside by removing the 20% performance fee. They would compound their higher net returns over several years with potentially huge gains. That’s why we launched our flagship fund around our Stableton Unicorn Top 20 strategy: A passive, low-cost, semi-liquid, open-ended fund with all Top 20 global tech unicorns in one portfolio. The Morningstar PitchBook Unicorn Select 20 Index data shows this strategy would have generated a 19% p.a. performance over the last 10 years. That includes the estimated total expense ratio of our fund. Pretty good, if we may say so ourselves. Want to learn more about how we empower investors to compound their interest in private markets? Check out our newsletter: https://lnkd.in/ezPbVQae